Bitcoin Hash Ribbons Indicating Prime Buying Opportunity, Analyst Says

Bitcoin's price remains range-bound in the mid-$100,000s, showing no clear directional bias. However, the Hash Ribbons indicator is flashing a fresh buy signal, suggesting a potential upward move. The signal coincides with Bitcoin's hashrate reaching new all-time highs. The Hash Ribbons indicator analyzes miner stress by comparing the 30-day and 60-day moving averages of Bitcoin's hashrate. When the short-term average crosses above the long-term average after a decline, it signals a strong long-term buying opportunity. This signal often emerges when mining becomes unprofitable for certain miners, forcing them to sell their BTC holdings. Historically, these sell-offs have created attractive long-term buying opportunities. While the current signal is bullish from a long-term perspective, it could lead to a short-term pullback in BTC price. Despite varying predictions, fresh on-chain data points to a healthy BTC market in the near to medium term. At press time, BTC trades at $105,367, up 0.5% in the past 24 hours.